Our weather isn’t the only thing that’s HOT this summer!!
According to analyst Marc Gilbert with Fitch Ratings U.S. RMBS group, Phoenix, Gilbert and the surrounding areas are forecast to heat up as well.
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Here’s what the numbers have to say about our area:
“Phoenix and Las Vegas, our No. 3 and No. 4 most-overvalued housing markets, are in the midst of growth spurts. The Phoenix median home price is $223,100, up 8.2% from the first quarter of 2015, and Las Vegas is up 8.1% to $222,500. Phoenix, said Gilbert, can chalk up its rising population to “real non-cyclical industry,” unlike the leisure and hospitality business growth in Las Vegas, but, in both cases, the root of their overvaluation is that demand is currently outpacing housing supply.
The important takeaway here, said Grant Bailey, managing director at Fitch Ratings U.S. RMBS group, is that robust economic growth started the demand and momentum in these markets, as well as the other top-five “overvalued” markets on the list. “A lot of the price increase is reasonable and explainable. It just looks like the momentum that started with real drivers has just overshot a little bit,” he said.”
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Phoenix, Gilbert, Scottsdale, Chandler, Mesa, Surprise, San Tan Valley, Apache Junction, Tempe, Queen Creek, Fountain Hills, Buckeye, Glendale, Paradise Valley, Laveen, Avondale, Tolleson, Gold Canyon.